U.S. Futures Set to Open Lower After China Threatens Retaliation for Tariffs #China #Futures #Tariffs

U.S. futures set to open lower after China threatens retaliation for tariffs. Chinese officials announced a plan to add tariffs on another $75B of U.S. goods that will mostly be in the range of 5 and 10% and go into effect on September 1st and December 15th. An exception to the 5-10% range will be automobiles and automobile parts, which will be hit with a 25% tariff. European shares also moved lower after the retaliatory tariffs from China on U.S. goods. Asian shares closed higher on the day as markets closed prior to the latest tariff announcements.